Equity Analysis /
Australia

AU : Rio Tinto - Feedback from analyst roundtable

    Adrian Prendergast
    Adrian Prendergast

    Senior Analyst - Mining and Energy

    CGS-CIMB
    25 November 2021
    Published by

    Years of significant underspend in the Pilbara have caught up with RIO with current issues now looking more long term. We boost long-term Pilbara sustaining capex and SP10 volume assumptions. Added red tape post Juukan Gorge and COVID travel restrictions add extra risk. Lifting long-term sustaining capex and SP10 volumes has seen our valuation-based target price reduced to A$104 (from A$112). Hold maintained